New Wave Wealth Advisors LLC Has $656,000 Position in The Bank of New York Mellon Corporation $BK

New Wave Wealth Advisors LLC increased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,199 shares of the bank’s stock after purchasing an additional 131 shares during the period. New Wave Wealth Advisors LLC’s holdings in Bank of New York Mellon were worth $656,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. SOA Wealth Advisors LLC. raised its holdings in Bank of New York Mellon by 1,225.9% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 7,160 shares of the bank’s stock valued at $652,000 after acquiring an additional 6,620 shares in the last quarter. First Pacific Financial acquired a new position in Bank of New York Mellon in the 2nd quarter valued at $4,302,000. Trust Co. of Vermont raised its holdings in Bank of New York Mellon by 22.9% in the 2nd quarter. Trust Co. of Vermont now owns 10,682 shares of the bank’s stock valued at $973,000 after acquiring an additional 1,987 shares in the last quarter. PFG Investments LLC raised its holdings in Bank of New York Mellon by 4.8% in the 2nd quarter. PFG Investments LLC now owns 4,691 shares of the bank’s stock valued at $427,000 after acquiring an additional 213 shares in the last quarter. Finally, Truist Financial Corp raised its holdings in Bank of New York Mellon by 3.8% in the 2nd quarter. Truist Financial Corp now owns 2,061,235 shares of the bank’s stock valued at $187,799,000 after acquiring an additional 75,933 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares of the company’s stock, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by corporate insiders.

Bank of New York Mellon Stock Down 1.9%

Shares of NYSE:BK opened at $106.89 on Thursday. The company has a market capitalization of $75.39 billion, a price-to-earnings ratio of 16.32, a P/E/G ratio of 1.03 and a beta of 1.13. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50-day moving average is $104.36 and its 200-day moving average is $92.60. The Bank of New York Mellon Corporation has a 1 year low of $70.41 and a 1 year high of $110.87.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.51 EPS. Equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.37%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Truist Financial lifted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a “hold” rating in a report on Thursday, August 14th. Morgan Stanley lifted their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday. Citigroup lifted their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Evercore ISI lifted their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $100.92.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.